Titan Company gains 5% after Rakesh Jhunjhunwala sells 6.4 million shares

The stock was up 5% to Rs 881, bouncing back 7% from intra-day low of Rs 825 on the BSE.

Shares of Titan Company were up by 5% at Rs 881 per share on the BSE in late noon deal on Friday after the ace investor Rakesh Jhunjhunwala offloaded 6.4 million equity shares of the Tata Group Company through the open market on Thursday. The stock recovered 7% from intra-day low of Rs 825 today, erases its entire previous day’s 4% fall on the BSE.

“From May 22 and June 27, I along with persons acting in concert have sold 6.1 million equity shares and further sold 6.4 million equity shares on June 28, 2018, thereby total sale of 12.5 million equity shares (i.e. 1.40%) of Titan Company,” as per a disclosure made to BSE by Rakesh Jhunjhunwala.

The name of the buyers not ascertained immediately.

Following the share sale, the shareholding of Jhunjhunwala, along with eight other entities, has dropped to 65.45 million (7.37% stake) from 77.95 million (8.78%) on May 21.

Titan, which is into jewellery and watch retailing, is the top holdings for Jhunjhunwala, who holds shares worth $2 billion in over a dozen companies.

At 03:16 pm; Titan Company was trading 4.8% higher at Rs 878 on the BSE, as compared to 1.15% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 4.94 million shares changed hands on the BSE and NSE so far.